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A novel performance classification system has been developed for advanced high-strength steel (AHSS). This system considers intrinsic global and local formability parameters derived from standard uniaxial tension tests and is applicable to all current and future AHSS materials. The overall AHSS performance index (P.I.) is defined herein as the product of the ultimate tensile strength (UTS) and the formability index (F.I.), where F.I. is an intermediate strain value between the true uniform strain and the true fracture strain (TFS). Target P.I. values are defined for First Generation AHSS (GEN1), Improved First Generation AHSS (GEN1+), Third Generation AHSS (GEN3), and AHSS Future. Performance is further distinguished by local, balanced, and global formability characteristics and by relative yield strength (yield-to-tensile ratio). Additionally, the influence of tension test specimen geometry and fracture area measurement method on the TFS value was explored.